Saudi Aramco is close to taking the throne of the world's largest company by market value, and displacing the technology giant Apple.
According to Arab Net, Aramco's shares jumped on the back of high energy prices, increasing its market value to $2 trillion, just below Apple's value of 2.3 trillion. trillion dollars.
The stock prices of the two giants are an indicator of how the global economy will change this year, as Apple shares have struggled as consumers curb spending on home entertainment that boomed during the pandemic and start to come back. to normal life. The return of transport activity due to the opening of economies led to a boom in oil prices that directly feeds Aramco's profits.
There is reason to believe Aramco shares can continue to climb, as Bank of America analysts said the global energy crisis could help push oil prices above $100 a barrel. For the first time since 2014, according to Bloomberg.
Apple, on the other hand, is under pressure as investors are cautious about highly-rated technology stocks, amid rising bond yields.
